Ascendas Land wins tender for CPF Building in Robinson Road with S$550m bid

CPF Building at 79 Robinson Road.
CPF Building at 79 Robinson Road. ST PHOTO: DANIEL NEO

SINGAPORE - Ascendas Land (Singapore) has won the tender to purchase the Central Provident Fund Board (CPF) building at 79 Robinson Road.

Southernwood Property, which belongs to Southernwood Holding, in turn wholly owned by Ascendas Land, had submitted the highest bid of S$550 million when the tender closed on Oct 28, 2015.

The public tender for the sale of the building drew a total of three bids. Leapford, which is wholly owned by Pacific Century Regional Developments, entered the second highest bid of S$538.28 million and OUE Reef Development was third with S$280 million.

CPF Board said in a press release on Thursday (Nov 26) that Southernwood Property also met all tender criteria, including the strength of their financial standing and purchase conditions such as the assignment of tenancies to the new owner.

Since Monday (Nov 23), the corporate operations of the CPF Board have been relocating in phases to Novena Square Towers A and B. The relocation is a strategic move to free up prime office space in the Central Business District for higher-value uses.

The CPF Service Centre will continue to operate at its premises on Robinson Road until further notice.

joycel@sph.com.sg